Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the advancements in the small nucleic acid drug sector, particularly focusing on companies like Wave Life Sciences and Arrowhead Pharmaceuticals, which have shown promising data in weight loss and fat reduction therapies [1][4][5]. Core Insights and Arguments - **Advantages of Small Nucleic Acid Drugs**: These drugs demonstrate long-lasting effects, improved safety by reducing the dosage of GLP-1 drugs, and the ability to achieve high-quality weight loss by specifically targeting visceral fat while preserving lean body mass [1][5]. - **Clinical Developments**: Key catalysts for 2026 include advancements in major indications such as severe hypertriglyceridemia (SHTG), cardiovascular outcomes related to LPA, and IgA nephropathy. Arrowhead's OX7 data is expected to show significant clinical changes in humans [1][8]. - **Market Position of Chinese Companies**: Chinese firms are leveraging engineering advantages to enhance specificity and delivery efficiency, positioning themselves to develop best-in-class molecules, particularly in non-liver diseases [1][9]. - **Emerging Targets in Hyperlipidemia**: New targets like LP(a) are gaining attention, with major Chinese pharmaceutical companies like Hengrui and Shiyao licensing oral small molecule LP(a) inhibitors to multinational corporations for approximately $2 billion each [3][20]. Additional Important Content - **Recent Progress in Small Nucleic Acid Research**: Recent data from Wave Life Sciences and Arrowhead Pharmaceuticals confirm the efficacy of small nucleic acid drugs in weight loss and fat reduction, with significant results observed in clinical trials [4][24]. - **Commercialization and Development Trends**: The small nucleic acid drug sector has seen a resurgence since 2016, with successful commercialization efforts leading to substantial market valuations, such as Alnylam's peak market cap of $60 billion [17][18]. - **Challenges in Delivery Systems**: While advancements have been made in delivery systems, many remain in early stages, indicating a need for further innovation to enhance efficacy and safety in non-liver delivery systems [16][24]. - **Trends in MNC Transactions**: There is a notable trend of large pharmaceutical companies showing interest in early-stage small nucleic acid drugs, with significant transaction values even at the preclinical stage, indicating strong market confidence [19]. This summary encapsulates the critical developments and insights from the conference call, highlighting the potential and challenges within the small nucleic acid drug industry.

Consumer Insights - During the New Year holiday, 142 million domestic trips were made, representing a year-on-year increase of 5.19% compared to 2024, with total spending reaching 84.789 billion yuan, up 6.35%[16] - Hainan's duty-free shopping saw a significant boost, with the number of shoppers increasing by 27.09% and total spending rising by 49.89% compared to the same period in 2024[18] - In major cities, Shanghai's daily average consumption during the holiday was 12.2 billion yuan, a 2.5% increase year-on-year, while Beijing's monitored sales reached 4.04 billion yuan, up 16.3%[17] High-end Manufacturing - The "Justice Mission-2025" military exercise highlights the strategic importance of the military-industrial sector amid geopolitical tensions, emphasizing its role in national sovereignty and external risk management[20][26] - The military exercise's focus on Taiwan reflects a more precise and targeted approach compared to previous drills, enhancing control over critical maritime routes and deterring external interference[22] Hard Technology - Major domestic wafer manufacturers are actively engaging in capital operations, with SMIC's registered capital increasing from $6.5 billion to $10.0773 billion, and a planned acquisition of 49% of SMIC North for 40.601 billion yuan[27][33] - Longxin Technology's IPO aims to raise 29.5 billion yuan, potentially becoming the second-largest fundraising in the Sci-Tech Innovation Board's history, supporting its expansion in memory chip production[27][31] Health Sector - Domestic small nucleic acid drug companies, such as Rebio and Bowang Pharmaceutical, are demonstrating strong R&D capabilities, with multiple products entering clinical phases and significant business development collaborations underway[35][36]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 公司主導項目入選2025年江蘇省科技重大專項「創新生物藥」項目 本公告乃由長風藥業股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願作出，以知會股東及潛在投資者有關本集團之最新研發進展。 CF PharmTech, Inc. 長風藥業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2652） 自願公告 戰略意義 本公司董事（「董事」）會（「董事會」）欣然宣佈，由本公司主導之新型吸入式核酸 藥物開發項目（「項目」）近期獲選為2025年江蘇省科技重大專項「創新生物藥」項 目。 項目詳情與發展 本項目聚焦於小核酸（「siRNA」）藥物在肺部遞送中的關鍵挑戰，致力於推動吸入 式核酸候選藥物的轉化研究與臨床前開發。 本項目計劃支持針對呼吸系統重大疾病（包括哮喘、慢性阻塞性肺病及肺纖維化） 的吸入式核酸候選藥物研發工作。工作範圍涵蓋遞送體系優化、藥劑學與工藝開 發、臨床前研究，以及 ...

Core Viewpoint - Rebio Biotech is undergoing a listing hearing on the Hong Kong Stock Exchange, with CICC and Citibank serving as joint sponsors. The company is a key player in the global small nucleic acid drug development field, particularly in siRNA therapies, and possesses one of the largest siRNA drug pipelines globally [1] Group 1: Market Potential - The small nucleic acid drug market is considered the "third wave" following small molecules and antibody drugs, with significant market potential. It is projected that the global market valuation will reach $18.6 billion by 2029, with a compound annual growth rate (CAGR) of 29.5% from 2024 to 2029 [1] Group 2: Technological Advancements - Rebio Biotech has overcome the core technical barrier of small nucleic acid drug delivery, possessing proprietary and clinically validated GalNAc delivery technology. The liver-targeting RiboGalSTAR delivery technology is foundational to many of its pipeline assets. The company has also made significant progress in extrahepatic delivery technologies, such as RiboPepSTAR and RiboOncoSTAR [1] Group 3: Product Pipeline - The company is deeply focused on the small nucleic acid sector, with seven self-developed drugs in clinical trials targeting eight indications related to cardiovascular, metabolic, renal, and liver diseases. Four of these drugs are in Phase 2 clinical trials. The core product RBD4059 is the world's first and fastest siRNA drug for treating thrombotic diseases. RBD5044 and RBD7022 are the second siRNA drugs globally to enter clinical development targeting APOC3 and PCSK9, respectively. Additionally, the company has over 20 preclinical projects [1]

Core Viewpoint - The company plans to sign a technology cooperation development contract with Nanjing University to jointly develop an anti-thrombotic small nucleic acid drug, with a total contract amount of 15 million RMB (including tax) [1] Company Summary - The company will pay the cooperation fees to Nanjing University in installments according to the project development plan outlined in the contract [1] - Upon successful development and market launch of the target drug, the company will pay a percentage of the annual revenue from the drug to Nanjing University for a period of 10 years [1] - The collaboration aims to leverage Nanjing University's strong research capabilities in nucleic acid drugs and the company's industrialization and clinical development capabilities to advance the research and commercialization of innovative drugs [1] Industry Summary - The domestic small nucleic acid drug market is primarily dominated by imported drugs, indicating significant growth potential in the domestic market compared to the global market [1] - With increasing policy support and capital investment, the development of small nucleic acid drugs in China is progressing rapidly, suggesting an imminent surge in the domestic market [1] - The company's strategic focus on cardiovascular treatments aligns well with the development of the new drug, enhancing its core competitiveness in research and injecting new momentum into its innovative drug portfolio [1]

Core Viewpoint - The company plans to sign a technology cooperation development contract with Nanjing University to jointly develop anti-thrombotic small nucleic acid drugs, with a total contract amount of 15 million RMB (including tax) [1] Group 1: Company Strategy - The company will pay the cooperation fees to Nanjing University in installments according to the project development plan [1] - Upon successful development and market launch of the target drug, the company will pay a percentage of the annual revenue from the drug to Nanjing University for a period of 10 years [1] - The collaboration aims to leverage Nanjing University's strong research capabilities in nucleic acid drugs and the company's industrialization and clinical development capabilities to advance the research and commercialization of innovative drugs [1] Group 2: Market Opportunity - The domestic small nucleic acid drug market is primarily dominated by imported drugs, indicating significant growth potential in the domestic market compared to the global market [1] - With increasing policy support and capital investment, the development of domestic small nucleic acid drugs is progressing rapidly, and the market is expected to experience rapid growth [1] - The company aims to seize market opportunities by understanding local market demands and developing products tailored to domestic patients, aligning with its strategic planning in the cardiovascular treatment field [1]

Core Viewpoint - The company plans to sign a technical cooperation development contract with Nanjing University to jointly develop anti-thrombotic small nucleic acid drugs, with a total contract amount of 15 million RMB (including tax) [1] Company Summary - The company will pay the cooperation fees to Nanjing University in installments according to the project development plan outlined in the contract [1] - Upon successful development and market launch of the target drug, the company will pay Nanjing University a percentage of the annual revenue generated by the drug for a period of 10 years [1] - The collaboration aims to leverage Nanjing University's strong research capabilities in nucleic acid drugs and the company's industrialization and clinical development capabilities to advance the research and commercialization of innovative drugs [1] Industry Summary - The domestic small nucleic acid drug market is primarily dominated by imported drugs, indicating significant growth potential in the domestic market compared to the global market [1] - With increasing policy support and capital investment, the development of small nucleic acid drugs in China is progressing rapidly, and the domestic market is expected to experience rapid growth [1] - The company's early entry into the small nucleic acid drug field is aimed at seizing market opportunities, supported by a deep understanding of local market demands and the strategic alignment with its cardiovascular treatment focus [1]

Summary of Key Points from the Conference Call on Small Nucleic Acid Drugs Industry Overview - The conference focuses on the small nucleic acid drug industry, specifically discussing mechanisms such as ASO (Antisense Oligonucleotides) and siRNA (small interfering RNA) [1][2][3]. Core Insights and Arguments - **Mechanisms and Delivery**: siRNA has a higher knockdown efficiency (80%-90%) compared to ASO (30%-50%), but requires an efficient delivery system. The GalNAc technology has lowered the delivery threshold for siRNA, promoting research in this area [1][2]. - **Delivery Technologies**: Three main types of extrahepatic small nucleic acid delivery technologies are identified: Carbon 16 lipid modification (lacks specificity), antibody conjugation (targets specific receptors), and ligand conjugation (targets specific organs). Antibody and ligand conjugation are seen as more promising due to their higher specificity [1][5]. - **Market Impact of Acquisitions**: Novartis' acquisition of Alvion has heightened market interest in extrahepatic small nucleic acid drugs, particularly in treating muscle and CNS diseases, indicating significant commercial potential [1][6]. - **Challenges in AOC Technology**: The core challenge in AOC (Antibody Oligonucleotide Conjugates) technology lies in developing the delivery system. Focusing on rare diseases can mitigate risks and validate platform effectiveness [1][7]. - **Domestic Advantages**: Domestic small nucleic acid drugs have advantages in the cardiovascular field due to a favorable investment environment, lower labor costs, and the rapid development of the CDMO (Contract Development and Manufacturing Organization) industry [1][8]. Additional Important Insights - **Competition in Cancer Treatment**: Small nucleic acid drugs show potential in cancer treatment by specifically inhibiting oncogenes, but face intense competition and lack direct cytotoxicity, leading to poor clinical outcomes [3][16]. - **Cost and Profitability**: Commercialized small nucleic acid drugs typically have a gross margin of 90%-95%. However, production costs have not significantly decreased despite rising market demand [21][22][27]. - **Safety and Long-term Effects**: The long-term safety of small nucleic acid drugs expressing mRNA is crucial and depends on specificity and stability. Continuous monitoring for immune responses and side effects is essential [23][24]. - **Patent Considerations**: Patent issues are significant for domestic companies entering international markets. Companies must navigate varying levels of intellectual property protection across countries [17][18]. Conclusion The small nucleic acid drug industry is rapidly evolving, with significant advancements in delivery technologies and market interest driven by strategic acquisitions. However, challenges remain in terms of competition, production costs, and safety evaluations. The domestic market shows promise, particularly in cardiovascular applications, supported by favorable conditions and technological advancements.

Core Insights - Dongyangguang Pharmaceutical (600673) has seen a stock increase of nearly 6%, currently up 5.41% at HKD 48.28, with a trading volume of HKD 20.129 million [1] Group 1: Clinical Developments - The National Medical Products Administration has approved Dongyangguang Pharmaceutical's self-developed first-class new drug, HECN30227, for clinical trials aimed at treating chronic hepatitis B, marking a significant advancement in the field of small nucleic acid drug development in China [1] - This development offers new hope for functional cure of hepatitis B [1] Group 2: Market Position and Product Launch - Dongyangguang Pharmaceutical's recently approved product, Fingo Mod (Fingolimod) capsules, is the first generic oral medication for multiple sclerosis (MS) in China, with a global market performance exceeding USD 3.3 billion in 2018 and projected to surpass USD 500 million in 2024 [1] - The project was initiated in 2011, with the company being the first to apply for generic approval in China in 2020, breaking the original research monopoly [1] - Currently, only Dr. Reddy's Laboratories in India has products related to this drug under review [1]

Core Viewpoint - Dongyang Sunshine Pharmaceutical (06887) has seen a nearly 6% increase in stock price following the approval of its self-developed siRNA therapy HECN30227 for clinical trials in chronic hepatitis B treatment, marking a significant advancement in the field of small nucleic acid drug development in China [1] Company Developments - Dongyang Sunshine Pharmaceutical's stock rose by 5.41%, reaching HKD 48.28, with a trading volume of HKD 20.129 million [1] - The approval of HECN30227 offers new hope for functional cure of hepatitis B and signifies a key step in China's small nucleic acid drug research [1] - The company has also recently received approval for its oral drug, FingoMod (Fingolimod hydrochloride capsules), for the treatment of multiple sclerosis (MS), which is the first generic version in China [1] Market Performance - FingoMod has shown strong global market performance, with sales exceeding USD 3.3 billion in 2018 and projected to surpass USD 500 million in 2024 [1] - Dongyang Sunshine Pharmaceutical initiated the FingoMod project in 2011 and has filed for approval in multiple countries, with the first generic application submitted in China in 2020 [1] - Currently, only Dr. Reddy's Laboratories in India has products related to FingoMod under review [1]